Its overall score is 2.1 points better than last year, with improvements in six of the 10 economic freedoms, including the management of government spending, trade freedom, labor freedom, and fiscal freedom. Registering the 10th largest score increase in the 2015 Index, Israel has achieved its highest score ever. Israel is ranked 4th out of 15 countries in the Middle East/North Africa region, and its overall score is above the world and regional averages.

Broad, sustained improvements in property rights and the regulatory sectors over the past five years have propelled Israel into the ranks of the “mostly free” for the first time. Since 2011, economic freedom has advanced by 2.0 points, with scores advancing broadly in six of the 10 categories measured. Improvements in property rights and the regulatory environment have been the backbone of this advance.

A democratic and free-market bastion in the Middle East, Israel has entrenched the principles of economic freedom during its development. A small, open economy, Israel relies on its competitive regulatory environment and well-established rule of law to attract international investment. While government spending is sizeable, the government has not interfered heavily with industrial activity.

Israel has been deregulating industry and allowing privatization and competition to grow in areas once dominated by state monopoly. Israel now has a booming technology sector with start-ups such as Consumer Physics and Reduxio, which raised $4 million and $12 million, respectively, in the past year. As home to between 4,000 and 5,000 start-ups, Israel is second only to Silicon Valley in technology innovation.

Estonia’s economic freedom score is 76.8, making its economy the 8th freest in the 2015 Index. Its overall score is 0.9 point higher than last year, reflecting improvements in six of the 10 economic freedoms, including business freedom, freedom from corruption, and labor freedom. Estonia is ranked 2nd out of 43 countries in the Europe region, and its overall score is well above the regional and world averages.

Despite the eurozone crisis and a half-decade of weak regional growth, Estonia’s domestic economy has proven resilient, and economic freedom has advanced. Since 2011, economic freedom has increased in a majority of the 10 factors, with strong improvements in the property rights regime and the entrepreneurial environment.

An increase in its overall score for the past three years has helped to confirm Estonia as a regional leader in economic freedom, reestablished as one of the world’s 10 freest economies for the first time since 2007. Minimal state interference has been accompanied by a prudent fiscal policy, a commitment to open markets, and overall regulatory efficiency. In addition, the government has reinforced the rule of law and promoted an independent judiciary since independence from the Soviet Union in 1991.

Taiwan’s economic freedom score is 75.1, making its economy the 14th freest in the 2015 Index. Its score is up by 1.2 points from last year, with improvements in seven of the 10 economic freedoms led by investment freedom, the control of government spending, and labor freedom. Taiwan is ranked 5th out of 42 economies in the Asia–Pacific region, and its overall score is well above the world average.

Prudent macroeconomic policy within a stable legal and monetary environment has been the key to rising levels of economic freedom over the past five years. Commitment to structural reforms and openness to global commerce have enabled Taiwan to advance far into the “mostly free” category. Recording uninterrupted years of growth in economic freedom since 2009, Taiwan has achieved its highest score ever in the 2015 Index.

Taiwan’s export-driven, dynamic economy benefits from a well-functioning legal framework and a tradition of private-sector entrepreneurship. The efficient business environment is facilitated by a competitively low corporate tax rate and the elimination of minimum capital requirements for incorporating a company.

Colombia’s economic freedom score is 71.7, making its economy the 28th freest in the 2015 Index. Its overall score is 1.0 point higher than last year, with improvements in six of the 10 economic freedoms, including investment freedom, freedom from corruption, and trade freedom. Recording its highest score ever in the 2015 Index, Colombia has solidified its ranking as the 2nd freest out of 29 countries in the South and Central America/Caribbean region.

Over the past five years, economic freedom in Colombia has risen by 3.7 points as reform has gained momentum. Impressive gains in market openness include double-digit improvements in both investment and financial freedom and an 8.0-point improvement in trade freedom.

Colombia’s relatively open economy has benefited from a petrochemical boom and diminished threat of risk as the government engages in talks with the militant group FARC. This has allowed greater fiscal flexibility while the government implements a reform program to open the country further to trade, investment, and financial flows.

Every nation that has escaped poverty has done so by producing its own prosperity.

The only economic system that has ever produced national prosperity is a free market system, not a welfare state or socialism or communism.

The government must also protect citizens against crime and safeguard important human freedoms.

About Author

I am retired after 36 years of being a state of Indiana employee. I enjoy writing and reading conservative blogs.

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In 2008 my life changed when Barack Obama came into my front yard on a campaign stop. I asked him why he wanted to raise taxes, and he said that he wanted to “spread the wealth.” Since then, I have gained a national following as “Joe the Plumber” and now travel the country speaking and encouraging other everyday folks to get involved in the political process.